Petrucci uses like 6 different channels, just like a standard clean/cruch/lead but everything is doubled.
2 cleans
2 crunches
2 leads
with small differences
the 2 cleans are in a separated setup (different head and differnet cabs) for 2 reasons:
1) smoother switching between channels
2) i likes better 2x12 for the cleans and 4x12 for the leads
other than this he uses glassy fenderish clean with no brackup, adding compression, chorus and delay where is needed.
Reverb settings: JP does not use any reverb, BUT you may want since it is added in production on the records. Usually a small amount of plate is the default, an hall will also do. Nothing that "color" your tone like a '63. This goes for both cleans, chuches and leads.
Addendum on reverb: JP uses, at least on leads, a dual stereo delay setting. One delay has 602 and the other has 460ms, both 3 repeats. The texture of repeats of this settings offer both clear repaets to sustain the fast notes runs and reverb like ambience. If you dont have 2 delays (and the Original Fender Mustang hasnt) i may want to try to set your delay at 460 (like me) or 602, 3 repeats, around 30% level and add the missing ambience with a trusty reverb.
Pickup configuration: most of you will agree: Petrucci Di Marzio are amazing, but this is not the whole point. I think that part of the pickup evolution is just an adjustment do different woods. Indeed you can see the the old pickup still get mounted on certain guitars and i think it mainly depends of woods and weight of the guitar. The main target is tonal consistence across the various guitars without changing amp settings. And the other point is the balance between neck and bridge pickup. If you tweak your amp for the neck liquid tone you may not have that cutting and tight tone on the bridge. And that is foundmental. John Petrucci uses specific pickup based on the position on the fretboard: neck for the higher frets, most times, and bridge for the lower frets, and the same solo. If your pickup arent balanced the same way it will be a problem for you. My main guitar has an hotter bridge PU and a cleaner neck pickup, more clean oriented than solo oriented. I've found a setting that is a good middleground and get me close but not that close.